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IMF warns about the negative reactions from markets if Scotland becomes independent

Friday, September 12th 2014 - 04:37 UTC
Full article 47 comments
“A YES vote would raise a number of important and complicated issues that would have to be negotiated” said William Murray “A YES vote would raise a number of important and complicated issues that would have to be negotiated” said William Murray
Leading British banks have announced they will move out of Scotland if the YES vote wins on 18 September  Leading British banks have announced they will move out of Scotland if the YES vote wins on 18 September

Scotland’s possible secession from the United Kingdom as a result of the upcoming referendum could cause negative market reactions in the short-term, William Murray, Deputy Spokesman at International Monetary Fund (IMF), told reporters Thursday.

“A YES vote would raise a number of important and complicated issues that would have to be negotiated. The main immediate effect is likely to be uncertainty over the transition to potentially new and different monetary, financial and fiscal frameworks in Scotland. Well, this uncertainty could lead to negative market reactions in the short-term,” the IMF representative said.

“The longer term effects will depend on the decisions being made during the transition and I would not want to speculate on this,” Murray added.

A referendum on whether Scotland should be an independent country will take place on September 18. An opinion poll published Tuesday by TNS BMRB revealed that Scottish independence supporters and opponents were evenly split. A survey released over the weekend by market-research company YouGov gave the pro-independence campaign a slight edge of two percentage points.

In related news two leading British banks, the Bank of Scotland and the Lloyds Banking group confirmed that they will move to London if the YES vote wins in the referendum vote.

The pro independent Scotland movement headed by First Minister Alex Salmond has said he plans to keep the British pound as the local currency, something which London has rejected point blank.

 

Categories: Economy, Politics, International.

Top Comments

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  • Marcos Alejandro

    Fear mongering never ends does it?
    Probably a day before the election Cameron will say: YES vote in Scotland might cause meteorite strike.

    Sep 12th, 2014 - 05:14 am 0
  • Mackie

    Fearmongering? The only people who should be living in fear are Wee Fat Eck and his Comrades. I say this as someone who has come into contact with him quite a few times since the early 90s; Alex Salmond is a noxious, lying little scroat who will do anything to get his own way and doesn't care how many people get hurt along the way.

    Sounds a bit like Kretina doesn't he?

    Sep 12th, 2014 - 05:44 am 0
  • Vulcanbomber

    i accept the right of scotland to vote for independence

    I just wish the voters were allowed to see the real truths and not those pushed by wee eck and the krankie kid.

    I also dont think its right that wee eck decided who can vote, as it actually turns out French and German people living in scotland can vote whereas my friend who has generations of scotish blood had to move south for work cannot vote. Where is the fairness in that, especially as some european nations want the split as they think it may break us over europe. Pah

    Sep 12th, 2014 - 06:41 am 0
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